Xiaomi’s Q3 financial report reveals 10% drop in revenue

Xiaomi posted its quarterly financial analysis, and the numbers show a significant decline. Revenue for the July-September 2022 period was CNY70.5 billion, just south of $10 billion. Of them, 50.5% came from overseas markets.

The revenue is 10% lower compared to last year. Net profit dropped even more – 59% year-on-year to CNY 2.1 billion ($294 million). However, that was partially due to the CNY 829 million ($116 million) investment in the newly set up EV business and other projects that should bear fruit in the future.

The company also revealed investments in R&D increased by 25%,…

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